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IASB work plan update for February 2014

  • IASB (International Accounting Standards Board) Image

Feb 25, 2014

Following its recent meeting, the IASB has updated its work plan. The final IFRS on revenue recognition is now expected in the second quarter of 2014. The exposure drafts (EDs) on (1) the elimination of gains arising from "downstream" transactions, (2) the unit of account, and (3) the sales or contribution of assets between an investor and its associate or joint venture have been delayed to the second quarter of 2014. The expected redeliberation periods in a number of projects have been clarified (among the conceptual framework) and a public consultation on the post implementation review of IFRS 3 has been added to the agenda.

The revised time table for the major projects is now as follows:

Project Current status Next project step Expected timing

Conceptual Framework — Comprehensive IASB project

Discussion paper

Redeliberations

Q1 2014*

Financial instruments — Impairment

Redeliberations

Finalized IFRS

Q2 2014

Financial instruments — Macro hedge accounting

Research/deliberations

Discussion paper

Q1 2014

Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement)

Redeliberations

Finalized IFRS

Q2 2014

Insurance contracts

Reexposure

Redeliberations

Q1 2014

Leases

Reexposure

Redeliberations

Q1 2014

Rate-regulated activities — Comprehensive project

Research/deliberations

Discussion paper

Q2 2014

Revenue recognition

Redeliberations

Finalized IFRS

Q2 2014*

* Indicates a change since the prior work plan update.

Changes concerning narrow scope projects are:

Click for the IASB work plan dated February 25, 2014 (link to IASB's Web site). We have updated our project pages to reflect the updated work plan and other known developments.

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